Gotion High-tech Signs a Cooperation Agreement With Nuovo Plus of Thailand-based PTT Group

Gotion High-tech signed a cooperation agreement with Nuovo Plus of Thailand-based PTT Group, to set up a joint venture called Thailand's NV Gotion Co., LTD.

The joint venture focuses on the design, development, manufacturing, sales and export of battery modules and pack products, and aims to explore the ASEAN new energy market and build a battery export base in ASEAN.

The PTT Group is the largest state-controlled energy and petrochemical company in Thailand. The partnership will help Thailand achieve full electrification and net zero carbon emissions by 2065.

The two sides signed the agreement via video link. Chief New Business and Infrastructure Officer of PTT Group and Chairman of the Board of Nuovo Plus, Buranin Rattanasombat and Chairman of Gotion High Tech, Li Zhen attended the meeting and witnessed the ceremony.

According to the agreement, Gotion Singapore PTE. Ltd. of Gotion High-tech has entered into strategic cooperation with Nuovo Plus Co., LTD of Thailand-based PTT Group, and plans to establish Thailand NV Gotion Co., Ltd. (NV Gotion) in the Eastern Economic Corridor (EEC) of Thailand.

The business scope of the joint venture includes the design, development, validation and manufacturing of battery modules and battery packs, and battery management systems for a wide range of vehicles and energy storage systems. NV Gotion plans to build a lithium-ion power battery pack production line in the EEC.

By the fourth quarter of 2023, the first phase of the production line is expected to be put into production and provide high-quality battery products to the market. NV Gotion will actively explore new energy markets in the ASEAN member states while realizing local battery manufacturing and market development in Thailand. It is committed to building the battery export base in ASEAN.